WASHINGTON-Ranking Member James Comer (R-Ky.) opened today’s House Committee on Oversight and Reform hearing about prescription drug prices by outlining the incredible medical innovations available to Americans as a result of our nation’s strong intellectual property protections.
In his remarks, Ranking Member Comer highlighted how America’s strong intellectual property protections catalyzed the landmark development of multiple COVID-19 vaccines within less than a year after the discovery of the virus. He underscored the need to lower prescription drug prices for Americans but warned against a government takeover of the pharmaceutical industry that would result in fewer life-saving treatments coming to market. Ranking Member Comer concluded by emphasizing Republicans’ plan to lower out-of-pocket costs and protect innovation for new treatments and cures.
Below are the remarks as prepared.
Over the past year, we have seen the massive importance of research and development of vaccines and treatments.
Operation Warp Speed, one of the greatest public-private partnerships in American history, resulted in the Federal Government partnering with private companies to invest hundreds of millions of dollars to develop and manufacturer COVID-19 vaccines.
The result, despite constant vilification by Democrats, was the fastest vaccine development in history with the first vaccine approved less than 12 months from the first discovery of COVID-19.
Since then, two more vaccines have been approved with two more awaiting approval by the FDA.
In addition, there have been numerous pharmaceutical treatments and medical devices innovated to treat COVID-19.
As a result of these vaccines and therapies, cases and fatalities have plummeted and our nation is on the road to recovery.
The catalyst behind these innovations have been intellectual property protections here in the United States.
America’s robust patent system enables enormous investments in the research and development of new medications, more generic drug competition, and new technologies to promote patient adherence.
The research funded by these investments results in treatments and cures for countless diseases enabling Americans to live longer and healthier lives.
Yet today, the Democrats on this Committee decry our country’s intellectual property protections as the root of all evil in the pharmaceutical space. This is simply not true.
Certainly, there are companies that have abused our patent system, seeking hundreds of patents to prolong their ability to control the market for a particular treatment.
But many seek patents simply to protect their intellectual property so they can recoup their investments.
While seeking hundreds of patents on a medication or vaccine is not illegal under our existing system, it can be anti-competitive and result in higher costs for patients.
Republicans in the House and Senate have sought to right this wrong through legislation that would stop pharmaceutical companies that seek to abuse the patent system to extend their control of the market and prevent the use of settlement agreements to pay generics to delay entry into the market.
Democrats have instead proposed H.R. 3, a massive government takeover of the pharmaceutical market that would result in significantly fewer treatments and vaccines from coming to market.
We should not destroy the very system that has made the United States the world leader in medical innovation, like our Democrat colleagues propose.
Republicans want to protect both innovation and consumers. This Congress, Republicans reintroduced H.R. 19, a collection of bipartisan reforms to prevent anti-competitive behavior in pharmaceutical markets, bring more generics to market, incentivize innovative research, and require pharmaceutical rebates to be included at the point-of-sale so that patients receive the benefits instead of Pharmacy Benefits Managers-or PBMs.
While Democrats were impeaching President Trump, Republicans were working to decrease the cost of prescription drugs for all Americans.
Now, nearly two years later, Democrats have nothing to show for it and are attempting to attack yet again another pharmaceutical company rather than help Americans across the country.
We must address rising prescription cost because high costs are hurting American families everywhere. Republicans presented a real plan to lower out-of-pocket costs and protect innovation for new treatments and cures.
The American people need relief, but Speaker Pelosi has instead sought to pass a partisan plan and destroy intellectual property protection that our Founding Fathers even wanted. We must put people, not partisanship, first.
I yield back the remainder of my time.
